Big data ecosystems and analytics make up a $274 billion market today. Companies and individuals in all sectors and walks of life use data from the time they get up to the time they go to bed, and even while sleeping or away.
Having the right data infrastructure in place will dictate how you communicate, do business, and keep records. Understanding these ecosystems will help you make the best use of your data.
Check out the information below so that you can get up to speed on all things related to data ecosystems.
Understanding Ecosystems
First and foremost, you should understand exactly what data ecosystems are. A data ecosystem is an assortment of different types of applications, analytics, and other infrastructure that support a company or organization. Your ecosystem is the “engine” that dictates how you collect, use, and analyze data.
These data ecosystems allow you to push innovation in many ways. Here are some of the many types of data ecosystems that your company or organization might use:
Marketplace Data Ecosystems
Amazon has a $1.23 trillion market cap today. This company left this mark thanks to building one of the most sophisticated marketplace data ecosystems. In fact, Amazon is the most recognizable data ecosystem of its kind.
This type of ecosystem involves having an intuitive website that acts as a conduit between businesses that offer products and services and customers that are looking for them.
Marketplace data ecosystems also include various peer-to-peer services, such as Uber, Lyft, Lugg, and Doordash. The platform collects and uses data related to:
- Best-selling products
- Reviews and most suitable matches for customers and sellers
- Keyword research and algorithms that provide more publicity to certain businesses
- Data related to payment methods and customer information
- Artificial Intelligence (AI) that keeps working to match buyers and sellers more intuitively
This is one of the fastest-growing and most useful types of data ecosystems today. These digital ecosystems have to be responsive across many different devices, both mobile and computer devices.
API Ecosystems
Application Programming Interface (API) ecosystems are also among the most common available. These ecosystems provide security during the development process, particularly for mobile apps and other types of software
It sets parameters for what data customers are able to access, monitors traffic, and tracks traffic and interactions. In a world where data breaches are increasingly prevalent, it’s important that you invest in API ecosystems that give you more autonomy over your data is tracked and used by everyone involved.
Many companies have been able to outsource this infrastructure for others to use. This form of API monetization has become lucrative for companies like Stripe and Google Maps.
Business to Business (B2B) Ecosystems
We live in the entrepreneurial age, which means that more individuals and companies are starting their own businesses from scratch. This has led to the rise in B2B platforms that many are taking advantage of.
These data ecosystems allow companies to start with their own websites, payment platforms, backends, and other infrastructure that lets them get up and running. You can invest in a B2B data ecosystem that fits your monetization strategy, so that you’re able to become profitable, market to consumers, and grow your customer base by leaps and bounds.
The e-commerce industry is worth nearly $5 trillion today, making it one of the most prevalent and fastest-growing. This industry is built on the back of B2B data ecosystems, which must be well-run, secure, and responsive. The right ecosystem will promote uptime and let your company thrive.
Data Utility Ecosystems
With data monetization on the rise, it’s only right that data utility ecosystems also make up a big part of the industry. These utilities aggregate and analyze data so that companies can use it in useful and effective ways.
These tools add value that streamlines the way that we do business and speeds up the services that customers get access to. Examples of utility ecosystems include tools that run credit scores to get people approved for cards and services and those that run background checks for insurance policy quotes.
Industry-Specific Data Ecosystems
Today, we’re seeing different types of businesses grow and advance at rapid speed. These industries are bringing about changes and innovations that are spawning other sub-sectors. As a result, industry-specific data ecosystems are on the rise, with companies taking the time to specialize in analytics that improves the customer and client the tools they need to do business seamlessly.
There are several industries that are taking advantage of their own specialized data ecosystems, including:
- Grocery and agriculture
- Automotive sales and repairs
- Healthcare and medical
- Education and higher-ed
- Restaurant and food and beverage industries
By learning the ins and outs of these ecosystems, developers can pass this infrastructure on to other companies that are looking to use the data to grow their businesses.
Get the Best From Your Data
Ecosystems are worth every bit of time, effort, and money that you put into them. The sky is the limit when it comes to the way that you grow and expand on your data use. As long as you’re always willing to understand the way you use data and analytics, you can make improvements with the tools and software that will make a difference.
All you need is an expert that can simplify and explain the process to you.
Chris Hood thrives when it comes to analyzing and crafting strategies for your data. I’d be happy to help you take your data use to the next level. Take the contact form on the website and reach out with any questions.